Shortlisting procedure: (1) download screener from above link, (2) enable macros, (3) demand consistent outperformance of the benchmark over at least 70% of the time in terms of return. That is, if we compare 100 return data points of the fund and index over 1,2,3,4 and 5 years, the fund should have got a higher return than the index for at least 70 points. (4) Demand consistent downside protection. That is over 1,2,3,4, and 5 years, the fund should have fallen lesser than the index at least 70% of the observations. We compute this downside protection only during months when the index return was negative.

Best Equity mutual fund performers

We shall define all such funds with 70% return outperformance consistency and 70% downside protection consistency over 1,2,3,4 and 5 years as “best performers”. This definition can be varied as per the desire of the user and is solely based on past data. Future performance is unknown and unpredictable. One cannot expect to be invested in such a best performer at all times. Reader can compare this listing with the listing published in Nov 2018

Category

Benchmark

Fund

EQ-ELSS

Nifty Largemidcap 250 TRI

DSP BlackRock Tax Saver Fund

EQ-ELSS

Nifty Largemidcap 250 TRI

IDFC Tax Advantage (ELSS) Fund

EQ-ELSS

Nifty Largemidcap 250 TRI

Invesco India Tax Plan

EQ-ELSS

Nifty Largemidcap 250 TRI

JM Tax Gain Fund (Direct)

EQ-ELSS

Nifty Largemidcap 250 TRI

L&T Tax Advantage Fund

EQ-ELSS

Nifty Largemidcap 250 TRI

Quant Tax Plan-

EQ-L&MC

Nifty Largemidcap 250 TRI

Aditya Birla Sun Life Equity Advantage Fund

EQ-L&MC

Nifty Largemidcap 250 TRI

Invesco India Opportunities Fund

EQ-L&MC

Nifty Largemidcap 250 TRI

Sundaram Large and Mid Cap Fund

EQ-L&MC

Nifty Largemidcap 250 TRI

Mirae Asset Emerging Bluechip Fund

EQ-LC

Nifty 100 TRI

Motilal Oswal Focused 25 Fund

EQ-LC

Nifty 100 TRI

ICICI Prudential Bluechip Fund

EQ-MC

NiftyMidcap150TRI

Franklin India Prima Fund

EQ-MC

NiftyMidcap150TRI

HDFC Mid Cap Opportunities Fund

EQ-MC

NiftyMidcap150TRI

DSP BlackRock Midcap Fund

EQ-MC

NiftyMidcap150TRI

Invesco India Midcap Fund

EQ-MC

NiftyMidcap150TRI

Sundaram Mid Cap Fund

EQ-MC

NiftyMidcap150TRI

Kotak Emerging Equity Scheme

EQ-MC

NiftyMidcap150TRI

L&T Mid Cap Fund

EQ-MLC

Nifty Largemidcap 250 TRI

Franklin India Equity Fund

EQ-MLC

Nifty Largemidcap 250 TRI

JM Multicap Fund (Direct)

EQ-MLC

Nifty Largemidcap 250 TRI

Aditya Birla Sun Life Equity Fund

EQ-MLC

Nifty Largemidcap 250 TRI

Quant High Yield Equity Plan

EQ-MLC

Nifty Largemidcap 250 TRI

Kotak Standard Multicap Fund

EQ-MLC

Nifty Largemidcap 250 TRI

Mirae Asset India Equity Fund

EQ-MLC

Nifty Largemidcap 250 TRI

Mirae Asset India Equity Fund

EQ-S BANK

NSE Bank TRI

Invesco India Financial Services Fund

EQ-S BANK

NSE Bank TRI

Reliance Banking Fund Plan

EQ-S INFRA

NSE Infra TRI

Franklin Build India Fund

EQ-SC

NiftySmallCap50-TRI

Kotak Small Cap

EQ-SC

NiftySmallCap50-TRI

Sundaram Small Cap Fund

EQ-SC

NiftySmallCap50-TRI

Sundaram Small Cap Fund

EQ-SC

NiftySmallCap50-TRI

Franklin India Smaller Companies Fund

EQ-SC

NiftySmallCap50-TRI

DSP BlackRock Small Cap Fund

EQ-SC

NiftySmallCap50-TRI

HSBC Small Cap Equity Fund Direct

EQ-SC

NiftySmallCap50-TRI

Reliance Small Cap Fund Plan

EQ-SC

NiftySmallCap50-TRI

SBI Small Cap Fund

EQ-VAL

Nifty Largemidcap 250 TRI

L&T India Value Fund

EQ-VAL

Nifty Largemidcap 250 TRI

HDFC Capital Builder Value Fund

EQ-VAL

Nifty Largemidcap 250 TRI

Quantum Long Term Equity Value Fund

HY-AH

Nifty 100 TRI

Principal Hybrid Equity Fund

HY-AH

Nifty 100 TRI

Tata Retirement Savings Fund Moderate

HY-AH

Nifty 100 TRI

ICICI Prudential Equity & Debt Fund

HY-AH

Nifty 100 TRI

DSP BlackRock Equity & Bond Fund

HY-AH

Nifty 100 TRI

SBI EQUITY HYBRID FUND

HY-AH

Nifty 100 TRI

Tata Hybrid Equity Fund

HY-AH

Nifty 100 TRI

HDFC Childrens Gift Fund Investment Plan

HY-AH

Nifty 100 TRI

L&T Hybrid Equity Fund

The number of such funds have increased from 29 (out of 234 funds) in Nov 2018 to 48 (out of 261). There is no change in benchmarks used. Note if we remove the downside filer, there 101 funds with rolling return outperformance consistency 70% or more over 1,2,3,4 and 5 years, that is 39% of the funds.

Funds with upside performance also

Out of these 48, if we additionally add 50% upside performance also, we get the following nine funds. Upside performance means the fund does better than the index when the index moves up.

This month, I have added a new sheet where the performance in the past year can be calculated. Out of the consistent outperformers, Quantum Long Term Equity is the only fund with less than 50% return outperformance in the past year for investment durations of 1,2,3,4 & 5. It is about time its performance improves!! In fact Quantum Tax Saver and Quantum Equity Fund of Fund also make this <50% in the last year list!!

This list should be another reminder to young investors that a simple mix of Nifty 50 and Nifty Next 50 Index funds will get the job done. For older investors, there is no need to worry if your fund is not part of this list. Just keep an eye on performance and exit if you think you have waited long enough for the fund manager to beat the index.

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In the xls, when I try the macro buttons to filter for the best mutual funds (i.e. 70% return outperformance consistency and 70% downside protection consistency over 1,2,3,4 and 5 years), there is only 21 funds and not 48 as mentioned above

Professor, thanks for the shortlist. However, I was bit perplexed to see PPFAS missing from the list. Is it due to you didn’t consider it to be a multi cap or because of lack of data points (considering this is a newer fund than many others)?

Hello sir there is issue with Nifty SmallCap 50 benchmark. The benchmark was only launched on April 01,2016 so 3 and 5 year returns can not be computed using it as returns are back-tested. Please exclude the 3 and 5 year returns.